(a) Report.—
(1) Submission to president and congress.—
Not less frequently than annually, the corporation shall submit simultaneously to the President and to each House of Congress a detailed report on the operations of the corporation for the preceding calendar year.
(2) Matters to be included.—Each report required by paragraph (1) shall include the following:
(A)
A comprehensive description of the activities and accomplishments of the corporation during such calendar year.
(B)
Data concerning the participation of women, disabled individuals, and racial and ethnic minorities in the amateur athletic activities and administration of the corporation and national governing bodies.
(C)
A description of the steps taken to encourage the participation of women, disabled individuals, and racial minorities in amateur athletic activities.
(D)
A description of any lawsuit or grievance filed against the corporation, including any dispute initiated under this chapter.
(E)
The agenda and minutes of any meeting of the board of directors of the corporation that occurred during such calendar year.
(F) A report by the compliance committee of the corporation that, with respect to such calendar year—
(ii)
assesses the compliance of each member of the corporation and provides a plan for improvement, as necessary.
(G)
A detailed description of any complaint of retaliation made during such calendar year, including the entity involved, the number of allegations of retaliation, and the outcome of such allegations.
(3) Public availability.—
The corporation shall make each report under this subsection available to the public on an easily accessible internet website of the corporation.
(b) Audit.—
(1) In general.—Not less frequently than annually, the financial statements of the corporation for the preceding fiscal year shall be audited in accordance with generally accepted auditing standards by—
(2) Location.—
An audit under paragraph (1) shall be conducted at the location at which the financial statements of the corporation normally are kept.
(3) Access.—An individual conducting an audit under paragraph (1) shall be given full access to—
(A)
all records and property owned or used by the corporation, as necessary to facilitate the audit; and
(4) Report.—
(A) In general.—
Not later than 180 days after the end of the fiscal year for which an audit is carried out, the auditor shall submit a report on the audit to the Committee on Commerce, Science, and Transportation of the Senate, the Committee on the Judiciary of the House of Representatives, and the chair of the Athletes’ Advisory Council.
(B) Matters to be included.—Each report under subparagraph (A) shall include the following for the applicable fiscal year:
(i)
Any statement necessary to present fairly the assets, liabilities, and surplus or deficit of the corporation.
(iii)
A detailed statement of the income and expenses of the corporation, including the results of any trading, manufacturing, publishing, or other commercial endeavor.
(v)
A detailed statement of the amounts spent on compensation and services for executives and administration officials of the corporation, including the 20 employees of the corporation who receive the highest amounts of compensation.
(vii)
Such comments and information as the auditor considers necessary to inform Congress of the financial operations and condition of the corporation.
(ix) A description of any financial conflict of interest (including a description of any recusal or other mitigating action taken), evaluated in a manner consistent with the policies of the corporation, of—
(C) Public availability.—
(i) In general.—
The corporation shall make each report under this paragraph available to the public on an easily accessible internet website of the corporation.
(Pub. L. 105–225, Aug. 12, 1998, 112 Stat. 1471; Pub. L. 105–277, div. C, title I, § 142(j)(1), Oct. 21, 1998, 112 Stat. 2681–606; Pub. L. 109–284, § 5(18), Sept. 27, 2006, 120 Stat. 1212; Pub. L. 116–189, § 6(f)(1), Oct. 30, 2020, 134 Stat. 953.)